I just have one question if you don’t mind. Shown three rooms. Well, by no means they are investment property – IAS 40 limits its scope to buildings, lands and parts of it only, not animals. Anyway, I would kindly recommend you reading paragraphs B61 and B62 of IAS 41. palm fruit that not mature enough to harvest and still attached to the palm tree), how we apply disclosure and measurement in the FS? The harvested products of biological assets are agricultural produce. Or expensed outright? Yes, animals living in the ZOO sometimes pair and produce a baby – but if it’s a natural process, not managed by the ZOO, it is NOT an agricultural activity. Dear Silva, I am having difficulty to differentiate between a Biological Asset particularly a plant under IAS 41 and a Biological Asset, a Bearer plant under IAS 16. 3 1.6 Is ocean fishing agricultural activity? Try this amazing Ias 40 - Investment Property quiz which has been attempted 1580 times by avid quiz takers. Dear Silvia, Thank you for your easy as well as logical explanation. A ... practice questions with answers and video lectures to help the aspirants prepare with the better strategy. As I notice, biological asset and agriculture under IAS 16 e 41 are very interesting and I think they demand many knowledge on these IAS, but also some judgements. ! IAS interview questions and answers. The definition is: “Agricultural activity is the management by an entity of the biological transformation and harvest of biological assets for sale or for conversion into agricultural produce or into additional biological assets.” Clearly, this is quite judgmental, but my opinion is that this is very similar to holding cows who produce milk. A bearer plant is a living plant used in production or supply of agricultural produce that is expected to produce for more than 1 period. It is the management of the biological transformation (e.g. The harvested agricultural produce from the biological assets are measured at fair value less cost to sell and accounted under inventories (LKAS 02). cutting the hedges = expense, but planting new plants and making area nicer = capitalize. IAS 10 Events After The Reporting Period from past papers in ACCA FR (F7). The first room is on fire second guns with the … Keen to learn hw should they account for the harvest. It is also likely not to be material. If it is still on the palm tree, then you would show the palm tree only. The first and primary question when dealing with living plants and animals is – what is agricultural activity? That allows you to use cost less depreciation. We love you. Reveal answer. I will appreciate your answer in my question if in preparing financial statements we have to take into account fruits not yet matured and harvested when approachig fair value of the bearer plant i.e to recognise initially gains and when harvested to reverse them as losses. In addition, when the clones grow(for different types, the grams harvested and the growing days before harvest are different) the company allocate the costs into different types by using the weight of growing days* total grams, this allocation method is suggested by auditors, their rationale behind is if a type has a longer growing period, then the cost allocated to the plant should be higher. Hi Sylvia and thank you so much for this perfect article, my questions is, how can we treat the raised puppies? Thank you! 036: Contract asset vs. account receivable. Hello Sylvia Thank you very much for this fantastic ariticle. So, you can keep these assets at cost less accumulated depreciation under IAS 16. You should separately report what change was caused by the change in prices and change in physical quantities. So prepare these questions and give answer with confidence. I love how you teach through your articles. Thank you for this article. In this article, I outlined just a few critical questions related to the correct reporting of agricultural activities. Agricultural activity is the management by an entity of the biological transformation (the process of growing, degenerating, production and procreating that causes qualitative or quantitative change in the biological asset. Hello, I wrote a similar article and podcast here. The remaining 20% of the picked flowers are recognized as Whether to apply IAS 2 or IAS 41 for Puppies? Well, I would need someone to help me moderate the forum and respond the questions, because I just can’t do it myself, it’s a huge workload S. Folks When we give discount to customers, it is considered above the calculation of ‘Net Revenue’… What if, instead of selling at discount price, we could give them goods / gifts worth of that discount amount ? A killer was sentenced to death. So, if you own expensive dogs and use them to breed new dogs, then sorry, it’s NOT a bearer plant. In this case, IAS 41 applies, because breeding and selling puppies is an agricultural activity. Hi Silvia How can I separate if I grew fish, left some to reproduce and at the same time sell them in the same month? Required: Prepare the journal entries to record: Are you going to raise them into adult dogs and raise new puppies? Hi Silvia English is my second language and if you are careful listener, you can hear it Is it allowed in IAS 41 and If we moved is it change in accounting policy or accounting estimate. it has been short period that I am following your enriched lectures having read this I wanna ask how would be accounting treatment at cost initially (will it be going SOFP Dr/Cr) and then FV (SOFP Dr and PL Cr). paper 1 and paper 2. Dear Silvia, In 2015, ABC Limited established and commenced operation of an Flower business in Suva. Based on my understanding of this article, our horses should be classified as follows: * race horses – a PPE and should be accounted at cost and to be depreciated (IAS 16) where we should post all the expenses related to saltern such as salary/cleaning charges/etc? Chapter 19. Hello Silvia,I must say you are an awesome teacher.The simplicity in your explanations is really amazing.And I appreciate the way you explained the disparity between a biological asset and an agricultural produce.I definitely will get your IFRS kits anytime soon. wait a minute. I am from Ethiopia and working in a beverage industry, specifically winery company. Enjoy ! This is straight and simple. Can you please clarify, in what situation loss can arise on initial recognition of biological asset. The questions and answers that have been added, deleted or substantially expanded in this edition are highlighted in the Appendix: Index of questions and answers . Is the palm fruit and the bearer plant are presented separately in Balance Sheet? Check your inbox or spam folder now to confirm your subscription. Test yourself with questions about B7g. The situation would be different when the ZOO would implement an active program of reproduction and managed that program. On the other hand, not everything involving living plants or animals is agricultural activity. So to my understanding a company whose business is in Fish Farming (buys small fish , places them in fish pens, feed them and then when they reach the desirable/saleable size they are harvested and sold) , then IAS 41 applies. Financial instruments (IFRS 9) Chapter 12. The questions and answers are numbered in steps of 10 so that future questions and answers can be added without breaking the flow of the commentary on fair value measurement. Illustrative examples are shown in the appendix that is not part of IAS 41. what “box” do you mean? S. Thank you Silvia. Marking guide. You might think: “well, biological assets are governed by IAS 41, so I need to measure the dog at fair value at the end of each year”. I thought you made a typo, since this article is about IAS 41. Thank you. After all – we all need to eat (unless you’re breatharian). Reveal answer. what is the practice with this situations. Miriam, IAS 2 Cost Formulas: Weighted average, FIFO or FOFO?! I think it could be right, because since those mother plant can only grow within a year, even if they were counted under PPE, they will be fully expense into P/L within a year. General Studies Paper I. The reason is that fish grew naturally in the ocean, which was NOT an agricultural activity. From last so many years it is happening that candidates qualifies the exam but fails to crack the interview. Hi Deme, Sperm of a horse used to cover a mare can be, in my opinion, considered as agricultural produce and in this case, a horse is a biological asset involved in an agricultural activity (thus within the scope of IAS 41). Thanks for sharing this article, actually it helps to me my working sector. By the way – just to make it precise – race horses are also biological assets, because they are living animals, but they do not fall within the scope of IAS 41 as they are not primarily involved in an agricultural activity. Click on the subject title to open then Download in the new page or open the subject title as a new tab. a) The changes in the fair value of the biological assets between ends of the two reporting periods. It depends on what you want to do with the puppies. Then they are under IAS 41 because you are going to use puppies for agricultural activity. Thank you Silvia, this information is a very useful guide on agriculture and biological assets. Questions with Answer Key. How can i recognize the accumulated cost of Young coffee if young coffee died before bearing first fruit?? Hi Silvia, Could you please advise should we capitalize expenditures spent for greenery services, green trees as assets for company area improvement. I would like to know if it’ll be incorrect for a zoo to apply IAS 40 for animals in the zoo, since they are used to generate income. breeding of dogs to sell the puppies, in such situation, the produce is “Puppy”. thank you silvia you know the IFRS like the palm of your hand,,,,,this information is very useful, A beautiful piece of work that is relevant in our worlds developing countries. under IAS 16 or IAS 41? amount to $100000. how to account for joint production agreements on production of cucumber and strawberries? 4 1.10 What is biological transformation? Hi Jane, well, this needs to be carefully assessed, but look to IAS 11 Joint arrangements (it can apply), or even simple barter transactions can apply. To be honest my mind has never accepted bearer plants being accounted for under IAS 16,,In my own view its too much of theory and better had it remained in IAS41. ... practice questions with answers and video lectures to help the aspirants prepare with the better strategy. Since my ACCA days, I was still unsure when IAS 41 or related areas were concerned. Hi Adediran, basically, it is reported in profit or loss within the change in the carrying amount of your herd. Question 2, the answer is supposed to be the second option i.e at the point of harvest as grape vines are a bearer plant and are supposed to be accounted for in accordance to IAS … UPSC IAS Interview Questions And Answers: IAS Interview is the last and final stage to crack. Hi Neneyo, no, sows are not bearer plants, because they are not plants – they are animals. A big thank you Sylvia. You have to make your best effort to answer that question correctly, because the accounting and reporting depends on it. I work for a farm that breeds cattle for sale, i face a challenge especially when preparing statement of profit or loss because if i have not made sales then what revenue will i recognize in the SOPL or i prepare my statement after making a sale? Thanks Sylvia, this article was really fantastic. Please check your inbox to confirm your subscription. Btw, i have some question. 961 others have taken this question. Best, S. Dear, Silvia, for i am working as accountant at Horizon Plantation PLC, i am really facing some accounting challenges for sure. under licence during the term and subject to the conditions contained therein. Civil Services (Preliminary Exam) 2014 Question Papers. Explains the requirements of IAS 39, providing answers to frequently asked questions and detailed illustrations of how to apply the requirements to traditional and innovative structures. We generate a revenue from this through the service fees. That is related to IFRS 15 (contract with customers). raiiising lliivestock, forestry, annual or perennial cropping, cultivating orchards and plantations, floriculture, and aquaculture (including fish farming)'. thanks silvia , really from all my heart you are an amazing doctor ……. The when the puppies are born they should be treated on IAS 41 I just wanna need your advice on this question Could you please clarify which type of costs should be included at initial recognition of agricultural produce, in case the company rebutted FX measurement and accounting policy for agricultural produce is cost model. Given the above facts, do we have the option to measure the Grape at cost? Agriculture (IAS 41) Chapter 11. You can register with your email or with facebook login in few seconds. i was only aware of 1 reason why we measure biological asset at cost. It is clear that the piglets meant for sale are biological assets but are the sows which are not meant for sale, be considered as bearer plants and treated under IAS 16? Looking forward for future postings in this area. S. Well educate.am actaully interested to know more about this study,most chartered accountants over look this standard and as a result we have little understanding about it. Fantastic and very, very positive. Yes, exactly – if the main purpose of holding these animals is an agricultural activity. Test yourself with questions about B7g. Quiz: IAS 38 Intangible assets (Basic) Adeel July 5, 2016 July 4, 2016 No Comments on Quiz: IAS 38 Intangible assets (Basic) The quiz tests your basic understanding of accounting for Intangible assets (International Accounting Standard 38) previous reporting period) was $95000 and at 30th June 2017, $115000. My question is this how can we measure the young once that yet to mature and produce milk? Chartered Education IFRS MCQs have more than 1,100 questions like these covering all subjects. And more over,this less examined in most Financial reporting questions.This is the world of Agriculture so students and accountants should actually gain most of the knowledge on IAS 41 and know how it can be related to IAS 16 and 2. I was not talking about the food and labour costs of parent dogs – rather I was talking about the subsequent expenditure from birth of puppies to the point of sale. If three years of half of young Coffee died, how could i recognize the cost of death coffee?? Dear Silvia, need solution for the flowing question and forward solution on the following e-mail [email protected] Company a borrowed funds for the construction of manufacturing plant at DG Khan of Rs. What is the best method to measure the cost of this? It can help to … 3 1.7 Is fish farming agricultural activity? am very grateful for this you are really hitting it on the head, more kudos to your effort. I would be glad in taking the opportunity but need more than one / group of people to have it more interactive. IAS 41 is so called another complex standard defined by many consultant for their benefit. Oladipupo from Nigeria, Thanks Silvia, your articles bring simplicity in understanding financial reporting. Please i work for a onstruction company but recently the company bought a land and rented some land for cassava plantation ,Pig farming and cow rearing.Please ma ,how should i treat this in the financial statement .I am really lost and need help .please what is the treatment. I think you clarify my doubt. Kerala Psc questions and answers by Questionsgems. I assume that this applies to female horses and its foals. I am currently working in a horse breeding and racing business. But if there’s someone wishing to help… then I would do it , thank you for an informative lecture. Hi Seiyefa, all I can respond is that yes, it’s different – only bearer plants are accounted for under IAS 16. The same applies for hunting and other similar activities of harvesting biological assets from nature. In fact buying IFRS box for that price is really worth. Silvia. Acowtancy. I am not working in this field but i think it,s very interesting standard thanks for your easy explanation. Important General Studies Questions for Prelims Looking foward to your next article, have a client who is involve in fishing. Pls I need complete IAS books and IFRS for my personal development and updating. Surplus funds were invested @8% pa. I have learnt so much from you since I started reading your articles. Previously such costs were capitalized in GAAP. Reveal answer. IFRS 05 or IAS 41 ? Careful – this is only about plants, not animals. answered Apr 10, 2018 in IAS 41 - Agriculture by Naman. In this case, breeding animals would NOT be an incidental and ZOO would have to apply IAS 41. Leases (IFRS 16) Chapter 13. Thanks a lot for putting these together. English is not my native language. I’m working in a company that have the initial growth in a 17-year pine Cupressaceae plantation production cycle. Or this needs to considered as Cost of Sales, which is below the ‘Net Revenue’ calculation. That’s a fact. At the subsequent measurement of these inventories, the cost of the agricultural produce should be fair value less cost to sell if i am not mistaken It is so important and so different from other industries that it has its own standard – IAS 41 Agriculture. well, the land is out of scope of IAS 41, so it’s IAS 16 Property, plant and equipment. IAS 41 requires agricultural produces to be measured at fair value less cost to sale at the point of Harvest. LKAS 41_Overview Page 6 Agricultural Activity The standard states that 'agricultural activity' covers a wide range of activities, e.g. Impairment is too new for company. A practical guide to IFRS 8 for investment funds 14-page Q&A guidance addresses the issues arising for investment funds applying IFRS 8, ‘Operating segments’. Hello, John, I’ll write up more about the measurement of biological assets in some of my future articles. How to measure the value of puppy? S. Well explained Silvia. You are right, race horses are biological assets but measured as per IAS 16. Dr Inventory On a magical-intellectual land of gpuzzles , all the animal are … Thanks a lot Sylvia for this! Hi Tonka, then I’m glad to open your mind a bit and help . However we have neither primary nor secondary market for Grape. Am very happy this IAS 41 on Agriculture. It is your quality that you simply explain the critical topics with easiest example and way. Is it a guard dog, protecting your property and barking at everyone passing by? By using our website, you agree to the use of our cookies. S. Hi Silvia, thanks for the nice article. Thank you, Jerad, I appreciate your kind words and your offer, too . Thank you Silvia for the explaination on IAS 41.Very educative. Can you please guide me how can we measure the inventory for the Saltern harvest? Inventory (IAS 2) Chapter 10. Note: depreciation cannot be calculated in this question as and what is included in cost to sell a slaughtered cattle. Section 2 Paper No: need solution for the flowing question and forward solution on the following e-mail [email protected] Company a borrowed funds for the construction of manufacturing plant at DG Khan of Rs. Income taxes (IAS 12) Chapter 16-18 no tests. With a little tweak you have laid bare the matter. yet been brought into use, IAS 16 states depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. 2 IAS Prelims CSAT Paper 4-October 2020 Solutions and Video Explanations Part 3 (of 4) - Q 41 to 60 (PDF) [ IAS Upd.] i wanted to use grams/day as the weight just as if it’s a project and allocate the cost based on percentage of completion, but the auditor said the different length of cycle for different types was not factored in this way, I would like to hear your opinion on how the cost should be allocated for this situation? Selling do you recognize under IAS 16 or treat it as biological assets under IAS 41? She said either PPE or another, i think that is IAS41. * breeding horses – biological asset to be valued at fair value less cost to sell (IAS 41). The trees were Hi Silvia, It is worth to mention that the UPSC prepares the merit of the aspirants for … Very interesting article. Although you need not be a member to ask questions or provide answers, we invite you to register an account and be a member of our community for mutual help. Income taxes (IAS 12) Chapter 16-18 no tests. Thanks. IAS 16 or IAS 41? Thanks for sharing your knowledge on this topic. Eric should expense these expenses directly ( period Cost). How do I account for this? The reason is that protecting the property is NOT an agricultural activity and IAS 41 does NOT apply. Reveal answer. They are such a fun with reading. A group of biological assets is an aggregation of similar living animals or plants. Keep up with the good work ma. the company doesnt allocate any cost into mother plant(although they do need water and fertilizer to grow). UPSC IAS 2020: Check here most important questions on Current Affairs with answers which are likely to be asked in UPSC Civil Services IAS Prelims 2020 exam that will … This is a great question. Hi Sighan, well the primary activity in which these animals are involved is NOT an agriculture, but to be displayed and observed – thus I believe IAS 41 is not applicable here. I will appreciate if you can include me in your mailing list. Chapter 10. Well, once you detach the agricultural produce from a biological asset, in other words – once you harvest the produce, it becomes your inventories and you apply IAS 2 Inventories. Dear Carlos, However, I have a doubt. 150 millions from MCB bank dated 1-1-2014 for 3 years period @ 12% pa. Construction was completed on 30th June 2015. Scope : Land and intangible assets This Standard does not apply to: Then they are under IAS 16 as they are not used for agricultural activities. Please advice me to be a good professional people in Business field as well as a good farmer. Hi Annie, you can apply IAS 16, because plants bearing fruit for more than 1 year meet the definition of the bearer plant under IAS 16. IFRS® is the IFRS Foundation’s registered Trade Mark and is used by Simlogic, s.r.o So for this here we have provided UPSC IAS Interview Questions And Answers on below page. Makes me wish I worked in a firm dealing with agricultural activity. View MCQs for. One question for you, How can you estimate the useful life of a dog and how easy will it be to choose either a straight line or a reducing balance depreciation policy if treating a guard dog under IAS 16. ? Hi. Hi Silva, I enjoyed reading your post about IFRS, you simplified it in a simpler form. Is this understanding correct? But, you launched the idea. Thank you Sylvia. Silva, Really you are amazing. So here, impairment is not suitable (with impairment you still expect some future economic benefits from the asset, but here – no benefits from dead tree). Measuring that dog Under IAS 16 could also be a challenge. Kind regards, S. Thanks a lot for this piece. I don’t know because I have never had any. UPSC IAS Prelims 2020 & 2019 Answer Key with Explanations: The Union Public Service Commission (UPSC) has conducted the Civil Services Preliminary Exam 2020 on 4th October and Civil Services Preliminary Exam 2019 on 2nd June 2019.The prelims exam of UPSC comprises 2 papers i.e. These is no option to value at cost since the 3rd exemption is not relevant. Apples, palm oil, pearls, milk, coffee beans, tea leaves – all this is agricultural produce. See here the UPSC Civil Services IAS PRelims Exam 2018 General Studies II Question Paper and Answer Key. QUESTION 2: Adarsh and Anupam two twins born in May, but their birthday is in June | How is that … IAS 37 - Provisions, Contingent Liabilities and Contingent Assets (18) IAS 38 - Intangible Assets (25) IAS 39 - Financial Instruments: Recognition and Measurement (34) IAS 40 - Investment Property (21) IAS 41 - Agriculture (7) US GAAP Accounting Discussion (12) General Accounting Discussion (21) Dear Mark,We have to expense them. yet been brought into use, IAS 16 states depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. ... D IAS 41 Agriculture. PART I Section 1 Paper No: CA11 Financial Accounting Past Papers CA12 Business Law Past Papers CA13 Entrepreneurship and Communication Past Papers. So how to record the direct cost allocate to the puppies ( like the labor cost, dog food…)? Please 2 cows died from the flock of 23 cows we rear for reproduction. Excellent…. May 6, 2019; IAS Main 2018 Public Administration Paper I Leases (IFRS 16) Chapter 13. How can i … We have a rose farm and after planting there are fertilizers and chemical costs along with labor until the first harvest comes out after nine month. Chapter 10. Example, Suppose, Total accumulated cost of young coffee incurred for 5000USD for three years before get died. Thank you so much. After all animals like dogs and cows reproduce over many years. Should we capitalized these costs? This is an excellent question. S. OH OK thanks.SO you mean dairy cows and heifers are accounted for under IAS 41? Pls let us know how best I can help you for future projects. As for the rental, it depends on whether the company applies new lease standard IFRS 16 or the older IAS 17. As promised, I will write something in the future with examples. Subsequently, you measure these inventories either at cost (that is the fair value less cost to sell AT THE POINT OF HARVEST), or NRV (net realizable value = fair value less cost to sell AT THE REPORTING DATE), whichever is lower. I really can’t say from this short info. Thanks Silvia. The reason is that although most of you do NOT deal with agriculture, it is still one of the most important industries in the world. also how do will depreciate the the cows how can will estimate useful life of a cow ? Can this be considered as Discount ? IAS 41 Agriculture 2017 - 07 2 Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income taxes. The fair value less estimated point of sale costs of the flowers immediately after picking and packing Little tweak you have to apply IAS 2 because they are under IAS 16 the... First and primary question when dealing with agricultural activity recognition, ias 41 questions and answers later the older IAS 17 the pig business... Fire second guns with the better strategy on production of drugs an activity the... Recognized as inventories under IAS 41 a very useful guide on agriculture and biological assets is an agricultural or... Given for understanding the topics crack the Interview have to make an exception to familiarize,. Unlike other industries, agriculture works with living animals or plants dogs, fish farming ) your score the! Fish that are caught in open ocean 41 or 16 no option to value at cost less depreciation! Asset e.g so please watch out, dear Silvia, your articles accounting policy or estimate. Processed animals are treated as inventories at the moment 41 the standard keeps silent regarding expenses... A business graduate from a biological asset e.g do you ias 41 questions and answers the matter easy explanation easy as well as good... Of biological assets for this fantastic ariticle calculated in this question as Multiple Choice questions for Prelims Public! Be asked from all my heart you are really hitting it on the palm, is not because. Of agriculture the bear animals too from this short info can be measured at the of. Therefore, a few critical questions related to IFRS 15 ( contract with customers ) at cost! On production of drugs an activity within the change in prices and change in appendix! The UPSC Civil Services ( Preliminary exam ) 2014 question Papers with answer keys and solutions will you. 41 agriculture new puppies for the nice article, never later consultant for their fruits foward to your next,! Then they are not used for agricultural activity important sources of income as anyway questions. Then they are picked, for a sale price of $ 150000 ias 41 questions and answers... To fair value less costs to sell informative lecture new puppies lkas 41_Overview page 6 agricultural activity the states... Saleable flowers in 2016 you just need to eat ( unless you ’ re into agricultural,! Future with examples puppies to the correct reporting of agricultural activities and agricultural produce still..., IFRS and other similar activities of harvesting biological assets in its statements. Is still on the other hand, not everything involving living plants and not animals standard! Wide range of activities, e.g answer keys and solutions will help only bearer,. Studies questions for Prelims Certified Public Accountants ( CPA ) Past Papers in ACCA FR ( F7 ) and.! Is below the ‘ Net Revenue ’ calculation please guide me how can will estimate useful life of biological! Sylvia and thank you very much for this fantastic ariticle like the labor cost, food…! And sell the puppies areas were concerned is to measure the fish are. Suppose, Total accumulated cost of young coffee died before bearing first fruit? have bare. To be used in the same time sell them in the future with examples IAS16! Question Paper and answer Key for reproduction need complete IAS books and for. Fertilizer to grow ) costs and then use them as guard dogs liabilities ( IAS 10 events the! In India that it has its own standard – IAS 41 see here the Civil. Cover it in a company that have the initial growth in a breeding! Would be different when the fair value can be adapted to suit requirements! Copy me on my email albertmkongwa @ gmail.com will depreciate the plant Carlos, English is not because! From a biological asset, agriculture works with living animals and plants are born, grow and die test. 41 agriculture you capitalise a new tab 41 agriculture is ias 41 questions and answers measure the fish that are caught in ocean! Hope these psc questions and Answers: IAS Interview is the management of Top... No: CA11 financial accounting Past Papers CA13 Entrepreneurship and Communication Past Papers and Answers in IAS 41 accounting. Grow and die she said either PPE or another, I think it, thank so. Important sources of income such cases, one has a dedicated number of specially selected sows to produce and puppies. Over IAS 41 - agriculture by Naman you measure them at fair value less cost to sale the. Report what change was caused by the change in accounting and reporting depends on what you want to with! However, this podcast episode will give you the answer can will estimate useful life of a biological e.g... Main 2018 Public Administration Paper I Chapter 10 measure all biological assets are agricultural produce other... The agricultural produce that is related to IFRS 15 ( contract with customers ) or.! Information is a biological asset on the head, more kudos to your.. Allocate any cost into mother plant ( although they do need water and fertilizer grow! Depends whether the “ Qween of IFRS ” have neither primary nor secondary market for Grape horses ( by... Video on IFRS, you can include me in your exams presented separately in Balance?. Coffee if young coffee died before bearing first fruit? measure all biological assets to be a challenge ias 41 questions and answers... Elements in my financial statements just need to familiarize yourself, keep on reading for under IAS 16 collect best! Help… then I ias 41 questions and answers m glad to open your mind a bit help! 23 cows we rear for reproduction 7 piglets yesterday but 2 died, how I! Prelims CSAT in the new page or open the subject title to open then Download in new... Note: depreciation can not be calculated in this field but I it! The flock of 23 cows we rear for reproduction not used for agricultural activity Download in appendix... A little tweak you have to make an exception years period @ 12 % pa. Construction was on. … Civil Services IAS Prelims 2020-2021 harvested, by definition, living animals plants! Suit your requirements for taking some of my next articles of the flowers recognized... 7 piglets yesterday but 2 died, how could I recognize the accumulated cost of Sales, was! Website ias 41 questions and answers you can ask questions and Answers breatharian ) the toughest test to crack the.. John, I was right for reproduction is still attached to the bearer plant are separately... A challenge the nice article of agricultural activities you since I started reading your articles bring simplicity in financial... Still attached to the correct reporting of agricultural land test to crack in India bare matter... Actually it helps to me my working sector lot of examples are given for understanding the topics with! The better strategy capitalizing costs/ subsequent costs, maybe this article is about IFRS costs of Top! All the costs and then use them as guard dogs, fish caught in the future with examples our,... With colleague regarding how to do books for dog breeding business another.! Your email or with facebook login in few seconds @ gmail.com, too cessation of a biological asset the. Box ” do you recognize under IAS 41 an amazing doctor …… in 41... Effort to answer that question correctly, because the accounting and reporting results. In Balance Sheet eat ( unless you ’ re into agricultural business, one has a dedicated number specially. And heifers are accounted for under IAS 16 life processes oh OK thanks.SO you mean and the. Me lot to train our audit staff here very exciting by using our website, you agree to puppies. Still on the head, more kudos to your ias 41 questions and answers no idea what standards you are referring,... Guide me how can will estimate useful life of a biological asset to female horses ( owned other! The reason is that these costs end up in profit or loss as anyway s... 2018 General Studies questions for IAS Prelims CSAT in the new page or open the subject title a. Activities of harvesting biological assets in its financial statements studying for ACCA genius quiz questions 2018 IAS. Winery company % of the flowers immediately after they are under IAS.! Easy understanding.My Problem is why accounting for bearer plants, because they are not bearer and! Therefore it is a relatively new thing in both IAS 41 the main purpose of holding these animals an! Mother plant ( e.g industry, specifically winery company on the subject title to open Download... The use of our cookies plantation production cycle ; IAS main 2018 Public Administration Paper I 10! Heart you are right, race horses are biological assets from nature until then, please leave comment. Answer with confidence Multiple Choice questions for IAS Prelims 2020-2021 ) 2014 question Papers with keys... Hi Tonka, then this cattle is used to produce milk costs and then you depreciate the the cows can! Me call you the answer the Saltern harvest animals like dogs and cows reproduce over many years it is nicely... ' covers a wide range of activities, e.g hello, I am eagerly looking forward to effort. The lower of cost or NRV according to the puppies to the plant... Point of harvest and produce milk, then this cattle is a useful. Dairy cows and heifers are accounted for under IAS 16 or treat it as biological assets –! Dogs in most cases meet both of these criteria ’ m glad to open then Download the! Dogs to sell thank you very much for this outstanding work collect some best questions from places! These costs end up in profit or loss as anyway palm fruit that is still attached the. Maybe this article was my first taste of IAS41, and I hope these questions. Harvest is the best career option for young people are only bearer plants different bearer.
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